What is a kids savings account?

As your little ones get older, they’ll be playing house and shops like nobody’s business. As they’re learning some simple life skills, it’s a great time to start thinking about how to bring some good spending and saving habits into their lives.

Basic financial education from a young age can set them up with positive lifelong relationships to money and banking, and here’s how.

Top tips to encourage your kids to save

Opening a dedicated savings account that grows as they do is a great introduction to the world of banking. But the fun only starts there, there’s plenty to be had to get them saving.

1.Create pocket money rewards

Having their own account is only the first step, now they need to build some funds, and that means you can have a little fun along the way. Pocket money rewards are a great way to get the little ones motivated to save, and for good behavior. A little spruce of the house, putting away toys or helping with dinner can all be the valuable start that they need.

2.Save spare change

When it comes to saving, every little helps. So to set your little ones on their way, your spare change can be a welcome helping hand. If you do carry loose change around with you, a fun ‘piggy’ bank money box for the kids can come in handy here before it is deposited into their bank account.

3.Give them a goal

Saving gets exciting when there’s a goal, and so it helps to focus your little ones when they can see that they’re reaching milestones. Whether it’s a new game, a special shopping trip or putting it towards a new piece of sports equipment or hobby they might have. When they can feel the benefit, they’ll understand the importance of saving.
4.Create a timeline

Like all good goals, they need a timeframe in which the goal is to be achieved. With a mini timeline and plan, your little ones can get excited as they get closer, creating more motivation to save (and you may just get additional help around the house, bonus). A calendar and regular checks of their accounts balance via a banking app can keep the motivation going.

5.Create sibling rivalry

A little healthy competition never hurts, and what’s better than putting sibling rivalry to the test, to drive positive saving habits? And what parent will ever say no to two sets of extra hands helping to pick up after themselves!

6.Lead by example

The best way to set them up for success is to involve them in the experience of banking! Taking them to the bank and showing them how to deposit their piggy bank coins gets them in the swing of banking.

7.Praise when a goal is met

There’s no better feeling than pride in completing a goal, and so when your kids’ saving goals are met, make sure to meet it with a celebration, they may just remember it for next time.

Get your little ones started

Take the first step to setting up a kids banking account, and help them get an early start to financial education that’ll last them a lifetime.

Teaching children the difference between needs and wants can be challenging. Psychologist and mum, Ellen Jackson, shares 4 strategies to help you explain this challenging and important topic with your kids.

Between parties, family gatherings, food, presents, travel and other festive activities, the amount you spend can creep up on you easily over Christmas – something many people can find stressful once it’s all said and done. Here's 5 easy ways to celebrate Christmas on a budget.

Christmas can be an expensive time. While it is easy to get caught up in the festive feeling, it is also important you come into the new year without the stress of debts piling up from the holiday season.

Save more money, reach your goals sooner and feel more in control of your finances with our online guide. Get started with a budget review, ensure you have the best savings account for your needs, and look at making other changes now to help you save more money.

Things you should know

*The information provided is intended as general information only. Articles have been prepared without taking into account your objectives, financial situation or needs. Because of this you should, before acting on this information, consider its appropriateness having regard to your objectives, financial situation or needs. You should consider obtaining personal investment, taxation and/or legal advice before making any decision. Please consider the Guide to Heritage Deposit Products and Guide to Heritage Credit Card Products(available in-branch, or at www.heritage.com.au) before you decide whether a product is right for you. All loans and credit cards are subject to application and approval. Conditions, criteria and fees apply and are subject to change without notice.

Assistance

Talk to us

Follow us

Talk to us

Things you should know

*The information provided is intended as general information only. Articles have been prepared without taking into account your objectives, financial situation or needs. Because of this you should, before acting on this information, consider its appropriateness having regard to your objectives, financial situation or needs. You should consider obtaining personal investment, taxation and/or legal advice before making any decision. Please consider the Guide to Heritage Deposit Products and Guide to Heritage Credit Card Products(available in-branch, or at www.heritage.com.au) before you decide whether a product is right for you. All loans and credit cards are subject to application and approval. Conditions, criteria and fees apply and are subject to change without notice.